British pound slumps to 3-month low on ‘no-deal Brexit’ fears

Despite repeated parliamentary votes to rule out the prospect of the U.K. leaving the European Union without a deal in place to govern its relationship with the bloc, the revived threat of a “no-deal” Brexit put renewed pressure on the British pound Thursday.

Sterling changed hands at $1.2797 versus the U.S. dollar GBPUSD, -0.0078%  in recent trade, near its lowest since Feb. 18 and leaving the currency on track for a 1.6% weekly slide.

British Prime Minister Theresa May is expected to again attempt to push her Brexit plan through the House of Commons in early June. Versions of her plan have faced multiple rejections. Lawmakers have also rejected the prospect of a no-deal Brexit, but such a scenario still can’t be ruled out. Read More @ https://www.marketwatch.com/story/british-pound-slumps-to-3-month-low-on-no-deal-brexit-fears-2019-05-16?siteid=rss&rss=1

THE TECHNICAL CHARTS

Fed’s Neel Kashkari says rate hikes ‘were not called for’ and that policy has been ‘too tight’

The FOMC hiked rates nine times starting in December 2015 as part of an effort to normalize policy following the extreme accommodations made during and after the financial crisis and Great Recession. Those hikes came even as inflation stayed well below the Fed’s goal.

“In my view, these rate increases were not called for by our symmetric framework,” Kashkari said during a speech in Santa Barbara, California.

The remarks came as part of a review the Fed is doing of its framework and the approach it has taken to jolting the economy back to life – Read More @ https://www.cnbc.com/2019/05/16/feds-neel-kashkari-says-rate-hikes-were-not-called-for.html

Trump Today: President unveils immigration plan as he says he ‘hopes’ there’s no Iran war

Under the plan, according to the Associated Press, the U.S. would award the same number of green cards as it does now. But more would go to high-achieving students, professionals and people with high-level and vocational degrees. Far fewer green cards would be given to people with relatives already in the country, the AP said. Read More@ https://www.marketwatch.com/story/trump-today-president-unveils-immigration-plan-as-he-says-he-hopes-theres-no-iran-war-2019-05-16?siteid=rss&rss=1

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